Final answer:
The most likely consequence of falling petroleum prices is lower transportation costs due to decreased operational costs for gasoline-powered vehicles. This is a result of a supply and demand dynamic, where less demand leads to lower prices.
Step-by-step explanation:
The most likely consequence of falling petroleum prices is lower transportation costs. When petroleum prices fall, the cost to operate vehicles that use gasoline decreases, leading to cheaper transportation. This is due to the basic economic principle of supply and demand; more fuel-efficient cars mean less demand for gasoline, causing a leftward shift in the demand curve for oil. Consequently, the equilibrium price and quantity of oil also fall. Additionally, falling petroleum prices tend to discourage oil exploration, as it becomes less economically viable. Moreover, while falling oil prices could temporarily reduce the urgency for some consumers to switch to electric cars, the broader trend towards electrification is influenced by environmental concerns and technology costs, not just oil prices.